Home pagePress CenterIn the Media Frank Verrastro, director of the CSIS Energy and National Security Program, was quoted by Dow Jones, "U.S. Oil Revenue Oversight Bill May Restrict Resource Access."
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Frank Verrastro, director of the CSIS Energy and National Security Program, was quoted by Dow Jones, "U.S. Oil Revenue Oversight Bill May Restrict Resource Access."
WASHINGTON -(Dow Jones)- The House Financial Services Committee Thursday will consider legislation to increase revenue transparency in the petroleum and mining industries. But as Congress scrambles to find ways to cut record fuel prices, oil companies warn it may be sending a bullish signal to the energy futures market by further restricting access to the world's dwindling petroleum resources.
Frank Verrastro, director and senior fellow at the Center for Strategic and International Studies' Energy Program, said companies could be penalized in two ways: restricted access on future bid rounds or disclosure being deemed as violating existing contract agreements.
"Oil firms are always subject to the sovereign when it comes to resource allocation, and that's what the big concern is," Verrastro said.
The Center for Strategic and International Studies (CSIS) is a private, tax-exempt institution focusing on international public policy issues. Its research is nonpartisan and nonproprietary. CSIS does not take specific policy positions; accordingly, all views, positions, and conclusions expressed in these publications should be understood to be solely those of the authors.
